12:17 PM EST, 12/27/2024 (MT Newswires) -- Montage Gold ( MAUTF ) said Friday that it closed and subsequently drawn the US$75 million fully redeemable subordinated gold stream with Zijin Mining Group.

Montage plans to use the funds to advance construction of the Lone project in Cote d'Ivoire, where first gold production is scheduled in the second quarter of 2027.

The stream is part of a US$825 million financing package announced in October.

Following the drawdown of the Zijin stream, Montage said it expects to draw the US$700 million gold stream and loan provided by Wheaton Precious Metals ( WPM ) subsidiary Wheaton Precious Metals International and the US$50 million Zijin loan over the course of project construction.

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